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of the world's 1 billion catholics. claudia lavonnia now with more from vatican city. >> reporter: hello. it's been quite a day here at the vatican. of course we haven't seen this as you said in about 700 years now. the last pope that resigned or rather abdicated, let's say, was in 1294. it was the fifth. now back then it was called the great refusal by him. this time pope benedict xvi said well, i am stepping down. i just can't take it anymore. the tasks of the pontiff is just too much for me. i'm letting a younger pope take over and bring it on for the 1.2 billion catholics worldwide. certainly this was unexpected. he said he was tired, but nobody thought or expected that it would come down to step down as a matter of fact. >> thank you very much for that. we're going to talk more about that. and i'm sure it's been quite a day there in vatican city. also putting italy front and center for two important elections coming up. the presidential election due out at the end of the month. fernando napolitano is with me. he is holding a summit today in new york focussed on investing in italian comp
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